Pepsi Bottler Advances FO

Pepsi Bottler Advances FO

January 21, 2013

Mexico's Cultiba has set the price range for its “re-IPO” equity follow-on, targeting at least MXP3.94bn ($312m). The Pepsi bottler is offering 112.7m shares, including a 14.7m share greenshoe, at MXP35.00-MXP40.00 each, according to regulatory documents, indicating a MXP4.20bn transaction at the midpoint. The total includes 23.75m secondary shares to be sold by a group of holders. The timing has not been indicated. The shares are to be sold in international and local tranches, and represent 15.6% of the company, assuming the greenshoe is exercised. The company formerly known as Grupo Embotelladoras Unidas is raising funds to repay bank loans and also targets additional capital for investments. The bottler has a $125m loan due 2022 with Rabobank, costing it Libor+225bp, and an MXP1.61bn ($126m) 2022 loan with Banorte at TIIE+160bp. Bank of America Merrill Lynch, Banorte-Ixe, BBVA Bancomer, Credit Suisse, Inbursa and JPMorgan are managing.

Mexico's Cultiba has set the price range for its “re-IPO” equity follow-on, targeting at least MXP3.94bn ($312m). The Pepsi bottler is offering 112.7m shares, including a 14.7m share greenshoe, at MXP35.00-MXP40.00 each, according to regulatory documents, indicating a MXP4.20bn transaction at the midpoint. The total includes 23.75m secondary shares to be sold by a group of holders. The timing has not been indicated. The shares are to be sold in international and local tranches, and represent 15.